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Seychelles Overview Chart
Type of Company:
IBC
Incorporation cost:
US$ 488
Minimum number of Shareholders
1
Domiciliary service fee:
US$ 300
Minimum number of Directors:
1
Government fees:
US$ 110
Bearer Shares Allowed?
Yes
Total First Year Incorporation Cost:
US$ 930
Standard Authorized Capital:
US$5000
2nd and subsequent year's costs:
US$ 500
Audited Accounts Required:
No
Incorporation with Swiss Bank Account (First Year)
US$ 1,760
Incorporation with Latvia Bank Account
US$ 1,498
Incorporation with Jersey Bank Account (First Year)
US$ 1,860
Incorporation with Latvia Bank Account with Debit Card
US$ 1,528
Incorporation with Isle of Man Bank Account (First Year)
US$ 1,473
POLITICAL STRUCTURE
Discovery of the islands is credited to the Portuguese explorer Vasco de Gama. The first French settlement was established on St. Anne Island on the 27th August 1770 and two years later this was followed by a settlement on Mahe on the site of what is now the capital city, Victoria.
In 1814 the Seychelles, along with Mauritius, were ceded to Great Britain under the terms of the Treaty of Paris.
It was only in 1960 that the first gradual constitutional reforms were introduced. The Seychelles had two main political parties during the 60s, the Seychelles People's Progressive Front (SPPF) and the Seychelles Democratic Party (SDP). The two parties formed a Coalition Government in 1975 with Sir James Mancham, Leader of the SDP, as President and Mr. France Albert Rene, Leader of the SPPF as Prime Minister.
In 1977 Mr Rene was installed as President of the Republic. Multi-party elections took place in 1992, and Presidential elections were held later in the year with Mr. Rene retaining his Presidency, heading the executive arm of Government.
The legislative side of Government is headed by a National Assembly of directly elected Members, with some proportional representation. Seychelles is currently an Independent Republic within the British Commonwealth.
INFRASTRUCTURE AND ECONOMY
The Seychelles economy is primarily tourism based, but the rapidly expanding financial sector, linked to the establishment of the Seychelles International Business Authority and a suite of progressive laws facilitating the establishment of offshore structures and encouraging inward investment. The Free Trade Zone is now becoming a major element in the economic development of the area and the Industrial Fisheries Section is also increasing in importance, based mainly on the issue of licences to foreign tuna fishing vessels.
The Port of Victoria's Mahe, quay has two deep water berths extending some 370 metres, and there is adequate space for container handling. The port is well equipped with modern cargo handling equipment and has in excess of 6,000 square metres of covering storage space. In addition to this, up to 6 large ocean-going vessels can be accommodated in the outer harbour at any one time.
An ever increasing number of international banks and insurance companies have established either branches or subsidiaries who, together with local management, accounting and legal firms, provide clients with support equal to that of any major offshore financial centre.
Other contributions to the economy come from the export of coconuts (copra), frozen fish and cinnamon. Because of its high quality, the export of copra has increased greatly, despite its world price being double that of competitive grades.
The Seychelles International Airport with its 2987 metres runway, and modern passenger and cargo facilities, is one of the finest in the Indian Ocean region. In addition to the national flag carrier, Air Seychelles, the airport is served by five other airlines, British Airways, Emirates Airlines, Air France, Lufthansa (Condor), Kenya Airways and Aeroflot. El-Al and Taiwan's EVA are also looking at Seychelles as a stopover destination. Regular scheduled services are to London, Paris, Frankfurt, Zurich, Rome, Madrid, Dubai, Bahrain, Nairobi, Singapore, Johannesburg, Reunion and Mauritius.
National and International telecommunications are provided by Cable and Wireless (Seychelles) Limited, part of Cable and Wireless PLC., London. The company has installed a special standard "A" earth station in Victoria and standard "D" earth stations on the other islands to give the Seychelles a state of the art telecommunications network.
LANGUAGE
The official and spoken language is English. However Creaole is widely spoken and proficiency in French is not uncommon.
CURRENCY
The official currency is the Seychelles Rupee.
PRINCIPAL CORPORATE LEGISLATION
International Business Compan ies Act of 19994.
COMPANY INFORMATION:
TYPE OF COMPANY DESIGNATED FOR INTERNATIONAL TRADE AND INVESTMENT International Business Company The International Business Company is the most widely used vehicle for offshore operations in the Seychelles; it normally takes the form of a private company limited by shares, but can also be a Limited Life Company. The governing legislation is the International Business Companies Act 1994. Statutory requirements are minimal, and flexible:
Only one director and one shareholder are required;
Shareholders, directors and officers need not be resident in the Seychelles and there is no stipulation as to their nationality;
There is no minimum capital requirement; shares may be either registered or bearer and may be issued in any currency;
Accounts need not be kept; however, if they are kept there is no requirement for an audit.
No returns are needed of shareholders, directors or officers;
Shareholders and directors meetings need not be held in the Seychelles and can be held by telephone;
The Memorandum and Articles of Association are the only documents to be held on the public record.
IBC status is granted subject to certain conditions:
No business may be transacted with residents of the Seychelles;
No ownership interest in real property in the Seychelles is permitted; property may be leased for office use only;
Banking or trust business may be carried on only if an appropriate license is issued;
Likewise, a licence is required to carry on insurance or re-insurance business
Engaging in the business of company management or providing registered facilities for Seychelles-incorporated companies is not permitted.
IBCs are permitted various activities within the Seychelles without compromising their offshore status under the Act; these include:
• professional contacts with lawyers, accountants etc;
• preparation and maintenance of books and records;
• the holding of directors' or shareholders' meetings;
• ownership of shares in other Seychelles companies, whether under the Act or the 1942 Companies Law;
• ownership of Government or Central Bank securities;
• ownership of a vessel registered in Seychelles.
It is usual to use a registered agent in the Seychelles to incorporate an IBC (eventually it is obligatory to appoint one anyway). Fees for incorporation of an IBC are based on the company's authorised share capital. Normally, the incorporation process takes no more than one day; however, for banks, trust companies and insurers the process is lengthier .
Statutory incorporation fees are $100 for capital up to $5,000, $300 for capital up to $50,000, and $1,000 thereafter. The annual license fees are identical. These fee levels are fixed for the life of the company, whatever changes may be made for new companies
If we accept you as a banking client and are unable to assist you to successfully open a bank account, we will return our full Bank Introduction fee (net of any shipping charges) to you.
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Merchant Accounts.
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Costs There are many variables, so it is impossible to quote exactly, but in general the costs will range from as little as $2,600 plus shipping for a new registration or $1,500 for a change of ownership. We've provided a page with quite a bit more information that should give you a better idea of what the costs will be and what you need to supply. If it doesn't answer your questions, just send us an email.
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